Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
The NCLAT allowed the appeal, set aside the Adjudicating Authority's order and directed liquidation of the corporate debtor. Relying on the resolution professional's statement that the corporate debtor lacks commercial activity and is not a going concern, the Tribunal held that a CIRP aimed at rescuing a going concern would be futile; alternatively, where the Committee of Creditors cannot be constituted, the statutorily mandated resolution mechanism cannot commence. Given the absence of a viable CoC-led resolution process and to avoid leaving the applicant remediless, the NCLAT concluded that liquidation is the sole appropriate remedy under the IBC despite the applicant being a sole related-party financial creditor.
The NCLAT allowed the appeal, set aside the Adjudicating Authority's order and directed liquidation of the corporate debtor. Relying on the resolution professional's statement that the corporate debtor lacks commercial activity and is not a going concern, the Tribunal held that a CIRP aimed at rescuing a going concern would be futile; alternatively, where the Committee of Creditors cannot be constituted, the statutorily mandated resolution mechanism cannot commence. Given the absence of a viable CoC-led resolution process and to avoid leaving the applicant remediless, the NCLAT concluded that liquidation is the sole appropriate remedy under the IBC despite the applicant being a sole related-party financial creditor.
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